The Asset Management Corporation of Nigeria (AMCON) has said it has so far recovered N1.6 trillion from errant debtors in 10 years of its existence.
Mr Jude Nwauzor, the corporation's head of corporate department disclosed this in a statement on Wednesday.
According to the statement, the Managing Director, AMCON, Lawan Kuru, said, “Out of total of N4.66tn, we have so far recovered about N1.6tn in the more than 10 years of our existence. We still have a long way to go! About 350 obligors account for N3.96tn, which is above 84 per cent of total outstanding amount.
“Our debt is in the balance sheet of the Central Bank of Nigeria, and therefore a threat to the economy. After recovery and disposal, funds are paid directly into our CBN account. Recovery and disposal of assets have so far contributed about N1.6 trillion towards settling our obligation.”
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